Archives For Tax credit

PLANNING FOR BUSINESSES [Part 7/7]

Renewable Resources Credit

ATRA modified the Code Sec. 45 renewable electricity production tax credit for electricity produced from wind and other qualified facilities. ATRA replaced certain placed-inservice deadlines with new deadlines and revised certain definitions, including the term “municipal solid waste.” The amount of the credit varies depending on the type of technology. Continue Reading…

PLANNING FOR BUSINESSES [Part 6/7]

15-Year Recovery For Leasehold/Retail Improvements, Restaurant Property

ATRA extended through 2013 the 15-year recovery period for qualified leasehold improvements, qualified retail improvements and qualified restaurant property. To qualify for this accelerated recovery period, the qualifying property must be placed in service before January 1, 2014. Continue Reading…

PLANNING FOR BUSINESSES [Part 5/7]

Businesses seeking to maximize tax benefits through 2013 year-end tax planning may want to consider two general strategies:

  1. Use of traditional timing techniques for income and deductions; and
  2. Special consideration of significant tax incentives (known as tax extenders) scheduled to expire at the end of 2013. Continue Reading…

Starting on October 1st, provisions of the Patient Protection and Affordable Care Act, or Obamacare, will go into action. While the government may effectively “shut down” due to Congress’ failure to compromise over the issue, the IRS has nonetheless provided us with some useful information regarding ways in which these new provisions will affect our taxes. Here are some factors to consider going forward through the rest of 2013, and looking ahead to 2014: Continue Reading…

It is the state that recently passed voter-referendums legalizing same-sex marriage and marijuana consumption. President Obama easily cruised to victory in this state during this past presidential election. However, the overwhelming liberal layout of the state of Washington has not led it to have a favorable tax environment for the poor. Continue Reading…

With many tax reform proposals floating around Congress, Senator Mike Lee (R- UT) outlined his newest plan in a speech titled “Tax Reform, the Family, and the Pursuit of Happiness.” Senator Lee characterized his ideas as “more pro-growth, pro-opportunity, and pro-family” than our current system. Continue Reading…

There are some pretty hot tax incentives to install solar energy systems.   Solar electric systems and solar hot water systems both qualify for a 30% federal tax credit. In Hawaii, which has the highest cost of electricity of any state, residents can also enjoy a 35% state tax credit.  That means the price of installation for either system can be paid off in just 3-5 years, as opposed to over a decade in other states.

Check out the infographic below for a complete review of Hawaii’s solar tax credits and financial incentives. Continue Reading…